Timken changes segment structure to Engineered Bearings and Industrial Motion; provides recast historical financials

TIMKEN CO

New segments: Engineered Bearings and Industrial Motion, effective Q1 2023.
FY2022 Engineered Bearings net sales $3,092.6M, EBITDA $615.8M (19.9% margin).
FY2022 Industrial Motion net sales $1,404.1M, EBITDA $222.8M (15.9% margin).
Adjusted EBITDA margins for 2022: Engineered Bearings 20.7%, Industrial Motion 18.8%.
No changes to consolidated EBITDA or unallocated corporate expense from segment change.

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